Deprioritisation of supervisory actions on the EMIR clearing obligation for third-country pension scheme arrangements in light of the agreement on the EMIR review

In view of the challenges that stakeholders would face if they have to comply with the requirement until EMIR 3 enters into force, ESMA would expect national competent authorities not to prioritise their supervisory actions in relation to the clearing obligation for transactions conducted with TC PSAs exempted from the clearing obligation under their third country’s national law, and to generally apply their risk-based supervisory powers in their day to-day enforcement of applicable legislation in this area in a proportionate manner.